All the natural resources are not abundant. This term ‘Not abundant’ is called ‘scarcity’ in the terminology of economics that simply refers to limited supply of specific kind of natural resource. Scarcity or limited supply configures a natural resource as an economic resource. So more specifically, Scarcity means not having sufficient resources to produce enough goods or services to fulfill unlimited subjective wants. Alternatively, scarcity implies that not all of society’s goals can be attained at the same time, so that we must make trade-off one good against others.
“Resources scarcity” is defined as a difference between availability of certain resource in certain period of time and the amount people desire of (or the demand for) that resource. Thus, a good is scarce if people would consume more of it, if it were free.
Scarcity can also be viewed as the difference between a person’s or society’s desire and his possession.
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